Here's How All 50 State Economies Are Doing, Ranked From Slowest To Fastest

Wikimedia CommonsNow that the recovery appears to finally be taking hold, Business Insider decided to see how that recovery was being felt across the country.

We ranked each state on how eight economic measures have grown or shrunk in recent years: the unemployment rate, the number of non-farm payroll jobs, gross domestic product, average wages, the working age (18-64) population, value of international exports, house prices, and auto sales.

50. Alaska

Mbwana Alliy

The petroleum sector is a major part of the Alaskan economy, but many of Alaska's oil deposits have been depleted over the years. This depletion has dropped the state's crude oil production to fourth place. Other major employment sectors include the federal government and the fishing and tourism industries. Here's a bit more about Alaska:

Alaska was one of the few states that actually lost payroll jobs between June 2013 and June 2014.

Wages decreased by .41% from 2012 to 2013.

And the GDP decreased by 2.5% in 2013, the worst among the states.

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49. Vermont

The major industries in Vermont include tourism — with a focus on skiing and snowboarding — and dairy. Additionally, Vermont is a major leader in the maple syrup production industry. Here's how Vermont fared in our measures:

Vermont saw a 1.1% decrease in wages between 2012 and 2013.

The GDP increased by 1.9% during 2013.

The unemployment rate fell from 4.4% in June 2012 to 3.5% in June 2013.

Housing prices dropped by 2.7% between Q1 2013 and Q1 2014, by far the largest drop of any state.

47. Maine

Maine is the lead producer of blueberries in the U.S. Other major industries include agricultural and industrial outputs, such as paper and various wood products. Unfortunately, Maine's lobster industry has had a "slow start" this year (after two years of early starts).

Maine's housing price index fell by 1.2% and the auto sales per dealer increased by 7.7%.

Exports dropped by 13.1% between 2012 and 2013.

Maine's wages fell by 0.3%.

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46. Rhode Island

Grant Halverson/Getty Images

The majority of Rhode Island's economy is service-based, specifically focusing on healthcare and education. The state has seen a decline in manufacturing "after the textile industry moved South, and the jewelry industry has been outstripped by foreign competitors." According to our data:

43. Virginia

Virginia has a fairly diverse economy. Industries include (but are not limited to) agriculture, coal, cement, rail transport equipment, and shipyard production. Additionally, those living near Washington D.C. generally work in government.

Virginia saw a 3.3% drop in auto sales, which was the lowest of all the states.

However, wages increased by 0.92% and the working age population grew by 0.52%.

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42. Missouri

Missouri's major industries include service industries, wholesale and retail trade, manufacturing, and agriculture. Plus, Missouri is a leading producer of transportation equipment, beer and beverages, and aerospace technology.

Missouri saw a 0.3% decrease in unemployment

The GDP grew by 0.8% and wages grew by 0.6%.

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41. Iowa

Iowa has a diversified economy led by the manufacturing industry and agriculture sector. Additionally, according to Iowa's Labor Market and Workforce information division, the state "has become home to a growing number of technology-related businesses," and workers in those industries receive significantly higher wages than those in non-tech industries.

Iowa saw a 1.8% growth in auto-sales and a 1.4% increase in the housing price index.

Additionally, GDP grew by 2.9%.

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40. New Hampshire

According to the New Hampshire state government report "Measuring New Hampshire's Economic Health," the state was less affected by the Great Recession than were other states. Nonfarm jobs fared better than in the rest of the nation, and "employment decline was shorter in New Hampshire than in the rest of the nation."

Exports increased by 18.2%— the highest of all the 50 states.

GDP grew by 0.9%.

The unemployment rate decreased by 0.8%.

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39. Wisconsin

According to the Wisconsin Economic Outlook, the state's economy "grew at a moderate pace in 2013" and "jobs recovery continued at a moderate pace in 2013." Additionally, "the forecast anticipates stronger growth." Major industries that drive the Wisconsin economy include manufacturing, agriculture, and healthcare.

Wisconsin's nonfarm payrolls increased by 1.6%.

GDP grew by 1.7%.

However, wages decreased by 0.46%.

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38. Mississippi

Mississippi's "recovery has yet to blossom as labor market fundamentals remain relatively weak," according to a Wells Fargo outlook report. As of February 2014, the government employed one in five residents, making it the largest source of jobs.

Mississippi's working-age population decreased by 0.11%, and wages decreased by 0.14%.

However, exports increased by 3.5% and GDP rose by 1.6%.

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37. Arkansas

According to Arkansas' 2013 Labor Market and Economic Report, "restaurants and other eating places top all industries in net growth" with projected increases. Additionally, jobs in "local government, excluding education and hospitals," see the "toughest outlook" with projected losses.

GDP increased by 2.4% and unemployment dropped by 1.4%.

However, wages decreased by 0.36% and exports decreased by 7.4%.

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36. New Jersey

Associated Press

The housing crisis affected New Jersey more than other states, and subsequently the state's economy struggled more, according to a Wells Fargo report. And Hurricane Sandy did not help, as "it diverted resources toward rebuilding activity rather than promoting economic growth." According to the report: "Part of the slowdown of New Jersey's economy can be traced to the ongoing consolidation of the pharmaceutical industry," which is a major economic powerhouse in the state.

The unemployment rate dropped by 1.8% and wages increased by 0.08%.

Nonfarm payroll jobs increased by 0.18%.

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35. Connecticut

AP Images

Connecticut's economy is centered around the finance and insurance industries, followed by the manufacturing industry. According to the Connecticut Economic Digest, the state's "baseline forecast suggests slower growth in 2014 and 2015."

Connecticut wages increased by 1.1% in the past year, and exports increased by nearly 2%.

The housing price index dropped by 1.8%.

And Connecticut's GDP increased by 0.9%.

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34. Illinois

REUTERS/Kevin Lamarque

According to a JP Morgan Chase report, "Illinois' recovery is expected to strengthen gradually into 2014 and 2015," and its economy is "growing again in line with the national trend."

Unemployment dropped by 2.1% from June 2013 to June 2014, and wages increased by 0.7%

Nonfarm payroll jobs increased by 0.35%

GDP grew by 0.9%.

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33. Nebraska

Nebraska GOP Rally.
AP

The agriculture industry is the major economic focal point in Nebraska — including crop and livestock production. Other major Nebraska industries include manufacturing and health and business services.

Nebraska's GDP grew by 3%.

The working age population grew by 0.43%.

Additionally, the unemployment rate fell by 0.5%.

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32. Maryland

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According to a report by the Federal Reserve Bank of Richmond, "recent reports of Maryland's economy were mixed, with some labor market contraction but some improvement in household conditions and in housing markets." Additionally, "jobs were added in logging, mining, and construction, financial activities, education and health services, leisure, and hospitality."

Maryland wages went up 1.4%, the highest increase of any state.

Exports decreased by 1.4%.

And unemployment dropped by 0.9%.

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31. Pennsylvania

According to a JP Morgan Chase report, Pennsylvania's economy is "on the mend and likely will continue to expand at a moderate pace in 2014 and 2015." Additionally, the report notes that the state is "on the front lines of new energy development," which should help "move the state's economic performance to the front pages in coming years."

Pennsylvania's unemployment rate fell by 1.9%.

Exports rose by 4.4%.

And GDP increased by 0.7%.

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30. Kentucky

Doug Pensinger/Getty Images

"Financial strains built up during the recession, but the improving economy is relieving pressure on local businesses," according to a JP Morgan Chase report. Additionally, the strength of the motor vehicle industry is now a "plus for the state."

Kentucky's exports increased by 12.95% in the past year.

Wages increased by 0.6%.

And unemployment rate dropped by 1%.

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29. Louisiana

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Louisiana is the "third-largest producer of petroleum" in the U.S. and the "third-leading state in petroleum refining." Other major industries include natural gas, agriculture, petrochemicals, and fishing.

Louisiana's unemployment rate fell by 1.4% while wages fell by 0.18%.

GDP rose by 1.3%.

And exports fell by 0.71%.

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28. Kansas

AP

Major Kansas industries include agriculture and manufacturing. A JP Morgan Chase report states that, "the state's expected to parallel the broad contour of the national recovery in 2014 and 2015."

The unemployment rate dropped by 0.7%.

Exports increased by 5%.

And GDP increased by 1.9%.

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27. South Dakota

Motorists ride on U.S. Interstate 90 near Sturgis, South Dakota.
Reuters/Jonathan Ernst

While not a huge part of the Hawaiian economy, exports dropped 19.5% between 2012 and 2013, the second-largest decline in the country.

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23. New York

REUTERS/Brendan McDermid

New York City is the financial capital of the world, but changes in the state's economy have been mixed in the last couple of years. Here's New York's standing in our ranking:

New York had a very respectable 4.8% growth in exports from 2012 to 2013.

Average real wages in New York grew by 0.7% from 2012 to 2013, which, while not a huge increase, is better than in many other states, where wages were completely flat or declined over that time period.

New York's GDP grew by only 0.7% in 2013, the fifth-slowest rate in the nation.

Minnesota saw a decrease of only 0.6% in its unemployment rate between June 2014 and June 2014, though with a June 2014 rate of 4.5%, the state's employment situation is a little better than that of the nation at large.

11. Oregon

Oregon has an economy mirroring that of the U.S., with a mixture of agriculture, manufacturing, and services, Recent job growth in Oregon has been fueled, as it has been throughout the country, by educational and health services, business services, and retail trade. Here's how Oregon looks in our ranking:

Oregon's housing market is in a strong state of recovery, with prices increasing by 8.1% between Q1 2013 and Q1 2014.

Oregon also saw good private sector job growth over the last year, adding 45,400 jobs, or a 2.7% increase.

Oregon's economy as a whole is also growing, with 2.7% GDP growth in 2013.

8. South Carolina

South Carolina had the largest drop in its unemployment rate among the states, going from 7.8% in June 2013 to only 5.3% in June 2014 — a drop that puts South Carolina's rate under the national average.

Accordingly, South Carolina also had strong payroll jobs growth, adding 42,500 jobs between June 2013 and June 2014, a 2.2% increase.

South Carolina's auto sales have also grown, with a 9.7% uptick in per-dealer sales from 2012 to 2013.

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7. Washington

The state of Washington is home to many major corporations, with the headquarters of technology companies like Microsoft and Amazon, the home of coffee behemoth Starbucks, and a significant presence of airplane giant Boeing. Here's Washington's score:

Washington saw 6.3% growth in international exports between 2012 and 2013, led by $42.6 billion of exports of aircraft, engines, and parts.

Washington's housing market is improving, with a 5.3% increase in house prices between Q1 2013 and Q1 2014.

Drivers in Washington are buying cars, with per-dealer auto sales increasing 8.7% from 2012 to 2013.

Arizona saw an 18.8% jump in per-dealer auto sales from $60.6 million in 2012 to $71.9 million in 2013, the largest jump of that in any state.

Arizona's housing market is making a brisk post-recession recovery, with a 13.4% increase in house prices between Q1 2013 and Q1 2014. Although we count this as a positive, some see the possibility of a new bubble.

Despite this, overall GDP growth in Arizona was a bit weaker than in some of the other high-ranking states, with just 1.1% growth in 2013.

1. Colorado

Ezra Shaw/Getty Images

Colorado was in the top 10 states on five of our metrics, and in the top 15 on the other three. As with many of the other top economies, Colorado's economy is highly diversified, and it especially boasts a strong aerospace sector and a huge amount of federal investment, such as the NORAD complex. Here are some of the metrics in which Colorado really shined:

Colorado saw 1.2% growth in its working age population from 2012 to 2013.

The state also had 2.8% growth in non-farm payroll jobs, adding 66,300 jobs between June 2013 and June 2014.

Colorado's GDP grew 3.8% year over year in 2013.

All in all, Colorado's economy is broadly growing at a healthy clip, and so it comes in as the overall winner.